I GOT scammed? (IGOT.com)

Discussion in 'Digital Currencies' started by yennus, Nov 18, 2014.

  1. yennus

    yennus Well-Known Member Silver Stacker

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    Anyone else had a similar experience with IGOT?

    For over 26days, IGOT has been unable to return my funds (a few thousand dollars).

    I jumped through their verification hoops - so I'm now level 2 which according to their site means I can daily Buy up to 500BTC, Sell up to 1000BTC, or withdraw up to 500BTC.

    I received a small payment (a few thousand dollars) for selling some BTC to another IGOT customer. When I tried to withdraw the cash, my account was restricted (and prevented from withdrawing).

    So I got in touch with IGOT support 26days ago. Initially I was told "We will process it within 3 to 7 business days."

    21 days ago, I was told "Thank you for contacting igot.com. The first withdrawals takes some time. After that it is sent within 24 to 48 hours."

    12 days ago, I was told "We will be done with it by Saturday. You can expect us to send the wire on Monday."

    9 days ago, I was told "There are no restrictions on your account. The reason the funds are not sent is because you have not even initiated the withdrawal. Please initiate a withdrawal for us to send the funds." <-- this was rubbish! They had a restriction on my account so that I couldn't withdraw.

    Now for the past week they have stopped responding to my requests for my funds " ...how long it will it take for me to get my money? (2014-11-10). It is so far over 3 weeks..."

    I think it is absurd to wait over 26days to withdraw my own funds - many of the other exchanges process withdrawals on the same day.

    Anyone else had a similar experience with IGOT?

    Had to wait almost a month before I got my cash back - IGOT, definitely not recommended from me.
     
  2. pegleg

    pegleg Member

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    Just found out the hard way this is what will happen when you try and withdraw BTC from IGOT, even with a level 2 verification.
    Don't waste your time with them




    Hello,

    Thank you for using igot.com.

    Due to a recent spike in BPAY frauds, we will need to further verify you.

    Please take one of the following steps:

    Option 1:

    1. You will need to ask your bank to verify your recent BPAY payment to us. They will need to give a letter stating the amount, date, and other details of this BPAY.

    2. Get your Government issued Photo ID and Bank Statement (from where you sent us BPAY) attested by your Bank or Justice of Peace as 'True Copy'.

    Once you do that, you will need to mail it to us at:

    13th Pty Ltd,

    P.O BOX 628, Oaklands Park

    SA 5046

    Once we receive the stamped true copy, we will lift the restrictions on your account for completely.

    This is strictly to protect igot from Banking, BPAY and Direct Debit frauds and cannot be waived.

    Option 2:

    Schedule a video call with us.

    We will require you to verify the following during the call:

    Your photo id
    BPAY payment receipt
    Front and Back of your Debit or Credit card where the BPAY was sent from
     
  3. yennus

    yennus Well-Known Member Silver Stacker

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    Completely agree... especially when the alternatives are much faster (e.g. CoinJar).
     
  4. yennus

    yennus Well-Known Member Silver Stacker

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    http://www.abc.net.au/news/2016-04-11/australian-bitcoin-exchange-igot-on-verge-of-collapse/7315894

    Igot: Bitcoin investors 'owed thousands of dollars' by struggling Australian exchange
    7.30
    By the national technology reporter Jake Sturmer and Alison McClymont

    Updated about 7 hours ago
    Akram Bekzada
    Photo: Akram Bekzada has been trying to withdraw $13,000 worth of Bitcoins for months. (ABC News: Jake Sturmer)
    Map: Australia

    Australian-founded bitcoin exchange Igot appears on the verge of collapse, with dozens of customers and clients claiming to be owed hundreds of thousands of dollars.
    Key points:

    Customers say they bought Bitcoin through Igot but never received them or a refund
    A former Igot advisor claims the company was insolvent in 2014
    The company's owner says the money will be returned to investors

    The company, which buys and sells bitcoins on behalf of customers, has for months been unable to completely deliver on those bitcoins or refund their money.

    Its owner Rick Day admitted to the ABC that he was struggling to pay customers.

    "I am well aware that customers are affected and customers are really unhappy with this but I would like to show each and every one that we have not lost their money. We have not run away with anything and we will return the money," Mr Day told the ABC.

    That, according to bitcoin investors, is little comfort.

    Egyptian-born Akram Bekzada invested with Igot in 2014.

    He has been trying to withdraw $13,000 worth of bitcoins since October last year.

    Media player: "Space" to play, "M" to mute, "left" and "right" to seek.
    Video: Bitcoin investors owed thousands by struggling Australian exchange (7.30)

    "I think Igot are not being transparent. They are not really speaking up about what is the issue that's holding our money back," he said.

    "A lot of times they give reasons that don't stack up. A lot of times they say we have a problem with cash flow and then they say we cannot transfer bitcoins or we cannot cancel the transaction and transfer bitcoin."

    Perth millionaire Zhenya Tsvetnenko's company Digital CC is owed $180,000. Digital CC is taking action in the WA Supreme Court to windup 13th Pty Ltd the business entity of Igot.
    Do you know more about this story? Email [email protected]

    Mr Day dismissed the court action as "merely a commercial dispute".

    "Our lawyers are working with theirs to have it resolved. I'm confident it will be resolved," he said.

    Igot is an international bitcoin exchange which claims to have several offices around the world.

    It was founded in 2013, with Rick Day moving to New York shortly afterwards to work on the business with American co-founder Patrick Manasse.

    Mr Day told the ABC that Igot has been doing "really well" since it was founded in 2013. He said it had only been the last few months where the company had struggled.
    What is bitcoin?

    Can't tell a bitcoin from a blockchain? Read our explainer to see how the cryptocurrency works.

    Bitcoin essentially is internet money, and a bitcoin exchange works in a similar way to a foreign currency exchange.

    A person makes a bank deposit to the exchange in a supported currency to buy bitcoins. You use these balances to trade in bitcoins with other users of the exchange, and then you are meant to be able withdraw that money.

    Transfers are almost instant, with far fewer fees, and the risk is minimal unless the actual exchange itself commits a fraud, becomes insolvent or withholds the money.
    Igot 'was insolvent' a few years ago: former advisor

    American entrepreneur Jesse Chenard, who worked with Igot as an advisor in 2014, was excited by the prospect of working in the emerging space of bitcoin.

    In a media release picked up by the Australian media in June 2014, Mr Day trumpeted that they had "managed to secure prominent US entrepreneur" Mr Chenard as both a major investor and company advisor.

    But Mr Chenard told the ABC a different a story. Before he invested any money, he looked into Igot's finances and found things were not quite right.

    "I think at that time Igot was insolvent but because Rick claimed to have other assets and because everything was murky and in his name and what have you, he claimed that he was able to cover it and it was a small accounting thing," he said.

    "So as to whether the company was insolvent? I would say the balance sheet looked pretty crappy."
    Bitcoin: A waste of energy?

    Vast amounts of electricity have gone into mining Bitcoin. But as John Quiggin writes for The Drum, it's unlikely that the digital currency will survive long enough to create substantial environmental problems.

    According to Mr Chenard, Igot was not buying enough bitcoin for the amount of money it was taking in.

    "What people thought that they had bought with their Australian dollars or Indian rupees or US dollars or whatever currency they were dealing in they hadn't been actually bought. It hadn't been bought for them," Mr Chenard said.

    Mr Chenard stopped advising Igot and decided against investing. He told his friend Patrick Manasse to bail which he did in 2014.

    The pair went on to form their own company that works with the technology underpinning bitcoin.

    Mr Day told the ABC that there was a falling out with Mr Chenard because Mr Chenard wanted more equity in Igot.

    Mr Day maintains the company was and is solvent.

    "[Jesse Chenard] saw our system, how it worked, and he went and started his own thing. So as far as Jesse Chenard is concerned I am making no further comment," Mr Day said.
    Customers take to social media demanding refunds

    Whether the pair had a falling out or not, it still does not account for the investors who have not been paid by Igot.

    There are a multitude of complaints on Reddit, Facebook and other social media from people claiming they have been "robbed" by Igot. But there is one person who recently received half his money back.

    Owen Champion, a software developer from the NSW Central Coast, had been trying for months to withdraw his $7,000 worth of bitcoin. He was recently made redundant and is desperate for his money.
    Owen Champion
    Photo: Owen Champion says he feels like no-one is helping him get his money back. (ABC News: Jake Sturmer)

    Mr Champion posted online that he had been interviewed by the ABC, and soon after Mr Day paid half his money back.

    "It pisses me off. It took me forever to save up that money and I just assumed that since they're in Australia there would be some sort of safety net or regulation or something like that bare minimum where he could be accountable for his actions and it seems like no-one's really helping," Mr Champion said.

    There is very little government regulation around bitcoin.

    Akram Bekzada has lodged complaints with Australian regulators such as the Australian Securities and Investment Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC).

    All organisations told Mr Bekzada they were powerless to act.

    "To be honest, regulators should be ahead of this game rather than waiting to decide on who should be in charge of this after problems start erupting," he said.

    Barrister and bitcoin academic Dr Philippa Ryan agrees.

    "As always the law is really struggling to keep up with innovation. And that's not a new problem, it's just a bigger problem than ever."

    Until regulations are tightened, people like Mr Bekzada and Mr Champion could still be waiting for their money.
     
  5. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    If you got your money bank, very lucky.
    This have been on tv and national news for the last few days.

    If they weren't in trouble, they will be soon. There is a motion to liquidate them in courts from what I have read.

    Right or wrong, the trouble with didgital currency is too many of these exchanges going kaput, for whatever reason.
     
  6. Golightly

    Golightly Well-Known Member Silver Stacker

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    That really sucks,

    interesting the media jumps all over this yet didnt report the fact BTC was the best preforming currency of 2015
     
  7. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Good news dont sell, unless it comes with bikini clad girls or its sports
     

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